Gaming Innovation Group shares surge on new Latvian contract

Shares in Oslo-listed gaming supplier Gaming Innovation Group hit a new 52-week high Monday after the company announced a new long-term contract to take Novomatic’s Admirāļu Klubs online in Latvia.

The contract with SIA Admirāļu Klubs, a joint venture between Austria’s Novomatic and Latvian investment firm Foroms, will see Gaming Innovation Group (GiG) provide its platform, sportsbook and front-end development services to launch a new digital operation in the regulated Latvian market.

Admirāļu Klubs is one of the leading gaming operators in Latvia with a wide retail presence, which will be complemented by the launch of its new GiG-powered online sports and casino brand in 2021.

“GiG is very pleased to be supporting SIA Admirāļu Klubs entrance into the online gambling space for both Casino and Sportsbook. They have a large and successful retail network across the baltics and provide some of the highest quality retail gambling arcades in Latvia,” said GiG chief executive Richard Brown. “Online gambling has a high growth in the market and we are excited to expand further our reach there.”

A spokesperson for SIA Admirāļu Klubs added: “Gaming Innovation Group is well established throughout the iGaming industry as a reliable and trustful technology partner with a history of success working with land-based operators like ourselves.

“We are pleased to have them supporting our digital transformation and online player acquisition strategy as we expand our operations through the regulated Latvian online casino and sports betting market.”

Shares in Gaming Innovation Group Inc. (OSL:GIG) were trading 13.32 per cent higher at NOK13.10 per share in Oslo Monday morning, having set a new 52-week high of NOK13.28 per share earlier in the day.